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Insertion of new section 37A- Special provisions relating to assets held outside India in contravention of section 4

Section 142 - Act - AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 - Finance Act - Section 142 - Insertion of new section 37A 142. After section 37 of the Foreign Exchange Act, the following section shall be inserted, namely:- Special provis .....

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curity, or any immovable property, situated outside India, is suspected to have been held in contravention of section 4, he may after recording the reasons in writing, by an order, seize value equivalent, situated within India, of such foreign exchan .....

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rescribed. (2) The order of seizure along with relevant material shall be placed before the Competent Authority, appointed by the Central Government, who shall be an officer not below the rank of Joint Secretary to the Government of India by the Auth .....

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rder, after giving an opportunity of being heard to the representatives of the Directorate of Enforcement and the aggrieved person. Explanation.- While computing the period of one hundred eighty days, the period of stay granted by court shall be excl .....

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udication proceedings and thereafter, the Adjudicating Authority shall pass appropriate directions in the adjudication order with regard to further action as regards the seizure made under sub-section (1): Provided that if, at any stage of the procee .....

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